On April 30, 2009, Asset Acceptance Capital Corp. issued a press release announcing its results of operations and financial condition for and as of the three month period ended March 31, 2009, unaudited. The press release is furnished pursuant to Item 2.02 of Form 8-K. The full text of the press release is furnished as Exhibit 99 to this Form 8-K and is incorporated in this report by reference.

The press release attached to this Form 8-K contains a financial measure for adjusted EBITDA that is not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). We have provided a reconciliation in the press release of the non-GAAP financial measure for adjusted EBITDA to GAAP net income.

We have included information concerning adjusted EBITDA because we believe that this measure is a useful indicator of our ability to generate cash collections in excess of operating expenses (other than non-cash operating expenses, such as depreciation and amortization) through the liquidation of our receivable portfolios. We use adjusted EBITDA as the basis for our management bonus program and a similar computation is used in our loan agreement covenants. This non-GAAP financial measure should not be considered as an alternative to, or more meaningful than, net income as an indicator of our operating performance.

The following exhibits are furnished herewith:

Exhibit
Number     Exhibit Description
99         Press Release dated April 30, 2009, announcing the Registrant's results
           of operations and financial condition for and as of the three month
           period ended March 31, 2009, unaudited.